AUD/USD: technical analysis 12.12.19

Current trend

AUD/USD is in the stage of a downward correction after falling to the level of 0.68885. If the sellers manage to decline the rate below the level of 0.68817, the correction can continue to the area of 0.68665. This level will be key for the sellers in the short term period. The breakdown of this level will confirm the downward correction signal and give a prospect of decline to 0.68512-0.68359 support.

Alternative scenario

One may speak about upward movement continuation after the price consolidates above the resistance level of 0.68970. In this case, the next targets of buyers will be the level of 0.69126-0.69240.

Technical indicators

Technical indicators maintain a buy signal.

Bollinger Bands are diverging on the background of bullish momentum.

MACD is growing in a positive zone.

Stochastic is in the oversold zone and is pointed sideways.

Support and resistance

Resistance: 0.68885, 0.68970, 0.69129.
Support: 0.68817, 0.68665, 0.68359.

Trading recommendations

Long positions can be opened above the level of 0.68970 with the target at around 0.69126-0.69240 and stop-loss at 0.68870.
Short positions can be opened below the level of 0.68817 with the target at around 0.68665 -0.68512 and stop-loss at 0.68918.

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